The Finance Committee meeting on Monday started with the introduction of the 2024 operating budget and numbers related to a 5-year capital plan. There are still many details to be filled in related to the 5-year capital plan including projects expected to arise in the next 5years. Council did ask that the 5-year capital plan numbers be updated to include both the dollars paid for by the City of Stow along with funds received from other state and federal funds to show the true value of projects that we are completing in the City of Stow. During my time on Council, we have made a shift and priority to pass our next year budget prior to the start of the year. Previously, the budget was reviewed January to March and passed by the state required deadline of March 30th. This caused delays in spending and planning of major projects because the first quarter of the year was already over before any items in the budget went out for bid, often causing delays in projects being completed during the planned budget year. Council has also prioritized a 5-year capital budget, multiple year capital planning has not happened in the City since 2009/2010.
During the presentation on our budget Council received the good news that our general debt will again be reduced in 2023 and at the end of the year is expected to be under $10 Million, down from a high of $33.5 Million in 2008. This is the first time it will be under $10 Million in several decades. The City started the year with a General Fund Carryover of $10,760,183, the recommended amount for our City is $6,450,000. We expect to start 2024 with an $8 to 8.5 Million carryover. These are all signs that our City is in a financially strong position, which is important considering we are also continuing to invest in our infrastructure, such as roads, stormwater, water lines, and parks. Our tax collections have rebounded strongly after taking a dip in 2020 during the COVID pandemic which is also positive news. The City plans to add 2 new positions in 2024, one would be a Zoning Inspector and the other would be an Urban Forestry worker that would be 50% grant funded for the next 5 years. Council will continue to review the detailed projects and capital budget over our next several meetings and plan to pass the 2024 budget prior to the end of year 2023.
Council also approved the application to AMATS for several different road grants including:
- Resurfacing projects for Season Road (from Cuyahoga Falls to Allen Road) and Fishcreek Road (in two phases, first from Stow Road to Graham Road and second from Rt 91 to Stow Road).
- Supplemental funds for 2 completed connectivity projects: State Route 91/Darrow Road sidewalks/bike connector and Stow Bike Connector (this was a Ward 4 bike path improvement).
- Connectivity Projects including Veterans Trail project (joint project with Hudson), and a shared use path along Graham Road (91 to Newcomer Road).
- Carbon reduction grant to be used on the State Route 91 reconstruction project planned for 2025 and again the re-design project of Graham Road.
- Surface Transportation grant to be used on both the Graham Road re-design project and the re-design of Norton Road from Hudson Dr to 91 (this is another joint project with Hudson).
The biggest of these projects is the concept presented earlier in the year by an outside engineering firm which would be the re-design of Graham Road from 91 to Newcomer Road that would be the expansion of Graham to include a center turn lane along with adding a shared use path along Graham which would provide connectivity to the Bike Trail near the High School. This project is eligible for multiple of the AMATS grants and the City put in applications for each of those related to this project. Council also asked that the design of this project (which would not be paid for by any grant funds even if awarded), be included in the 2024 budget so the project design can begin and would make the project a little easier to get funding from additional sources along with making the timeline more attractive if it is awarded.
Council should find out about each of these grant applications in January of 2024 when AMATS puts out the list of projects it selects.
Council also had a 2nd reading related to the proposed Pulte Development off of North River Road, Miller’s Landing. There was also initially a second related item to this which was the petition to vacate the roads platted to the north of this development, but that item was requested to be withdrawn by the petitioners, so Council withdrew that item at their request and cancelled the public hearing initially scheduled for November 9, 2023. Council did receive back our requested outside legal opinion related to this project and our consideration of it as a business item in front of Council. This will be up for a 3rd reading and potential vote at our November 9th Council meeting.